Ramsey policy

[wgonzalez]

Dear All, I need some help to understand what exactly do dynare v4 in Ramsey Policy, specific I see some plot of irf of mult_1, mult_2,… and I don’t understand what is this variable, exist some documentation about it?.

Thanks very much in advance

WGonzález

[StephaneAdjemian]

Hi,

Dynare computes the first order approximation of the policy that maximizes the policy maker objective function submitted to the constraints provided by the equilibrium path of the economy.

mult_<i> is the Lagrange multiplier associated to equation i of your model.

An example can be found on the DynareWiki:

http://www.cepremap.cnrs.fr/DynareWiki/OptimalPolicy


Best,
Stéphane.

[Qiuene75]

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